Offshore companies are sought by foreign investors interesting in protecting their assets. Nowadays, there are many countries which provide for the creation of offshore companies which is why this type of entity can be used for various purposes.
For example, Singapore allows the establishment of offshore companies for trading purposes. On the other hand, Seychelles is one of the most renowned offshore destinations in the world and it allows for the registration of offshore companies for various purposes.
Below, our company formation consultants in Singapore have prepared a comparison between opening an offshore company in Singapore and Seychelles.
Offshore company formation requirements in Singapore
Foreign entrepreneurs who want to open offshore companies in Singapore need to consider the following requirements:
- – the company needs to take one of the forms imposed by the Company Law (this is usually the limited liability company);
- – the company must have at least one shareholder and a resident director;
- – the company also requires a company secretary who is a natural person and a Singapore resident;
- – the company must have a local address registered with the Trade Register.
It should also be taken into consideration that it is necessary to appoint a local agent to handle the registration of the Singapore offshore company. Our Singapore company formation consultants offer such services.
Requirements for opening an offshore company in Seychelles
Compared to opening an offshore company in Singapore, the Seychelles offshore company registration requirements are not very different. In order to create an offshore company in Seychelles, a foreigner must:
- choose a business form agreed by the Company Act, just like in Singapore; however, in Seychelles, the anonymous company is preferred;
- the company will also be required to have a local address in Seychelles;
- in terms of company shareholders, the minimum number is one and can be a natural person or another company;
- in terms of management, the company must have at least one director who does not need to be a Seychelles resident.
If you are interested in company formation in Singapore and decide for an offshore company, please contact us for assistance. We can also help with the registration of other types of companies in the city-state.